Diversification or distraction?

Diversification can make your business more resilient when done well but needs to be properly planned for you to succeed.

When is the right time for diversification? What should you consider, and what tools are available to plan a farm diversification? Watch this webinar to find the answers to these questions and more; and hear the real-life story of a successful diversification.

You should ensure your existing enterprises are running smoothly, meeting the objectives set out in their business plans and are on target for the projections set out in their respective profit and loss accounts. Any issues in your current business could be magnified if you diversified.

Should you decide to diversify, you would need to produce a business plan. The guidance we’ve provided on this website is aimed at agricultural and horticultural businesses. For diversification, you should also research your competition, consider product and pricing, and how you would market your product or services to potential customers. These aspects should be included as additional sections in your business plan.

It is always important to get advice and guidance when considering the future of your business and any potential diversification, and communicate with anyone involved. Visit our Talking things through page to find out more.